quizzes7-9.docx - In reconciling a bank statement the bank...

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In reconciling a bank statement, the bank statement balance is $1,000 and the balance per books is $1,205. A bank service charge is $5; a deposit in transit totals $500; and outstanding checks total $300. The journal entry for a bank service charge would include a. debiting Cash and crediting Owner's Capital. b. debiting Accounts Payable and crediting Cash. c. debiting Cash and crediting Miscellaneous Expense. d. debiting Miscellaneous Expense and crediting Cash. A special form of receipt showing the name of the payee, the purpose of the payment, and the account to be charged for each petty cash payment is known as a a. petty cash check. b. petty cash document. c. petty cash register. d. petty cash voucher. To reconcile the bank statement, which of the following amounts would be subtracted from the checkbook balance? a. deposits in transit b. outstanding checks c. service charge d. amounts collected by the bank for the depositor's account The check written to establish the petty cash fund is entered in the journal by a. debiting Petty Cash and crediting Owner's Capital. b. debiting Owner's Capital and crediting Petty Cash. c. debiting Cash and crediting Petty Cash.
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d. debiting Petty Cash and crediting Cash. The petty cash payments record indicates classified expenditures as follows: Automobile Expense, $20; Supplies Expense, $12; Postage Expense, $6; and Miscellaneous Expense, $5. The journal entry to replenish the petty cash fund would include a credit to Cash for a. $11. b. $43. c. $38. d. $5. The process of bringing the book and the bank balance into agreement is called a. preparing a statement of disbursements. b. preparing a statement of payment. c. proving the cash. d. reconciling the bank statement. Which of these should be prepared every time a petty cash payment is made? a. Petty cash voucher b. A journal entry c. A check d. A bank reconciliation statement Which of these is not a step followed in preparing a check? a. Prepare the bank reconciliation statement. b. Sign the check.
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c. Complete the check stub or register. d. Enter the date, payee name, and amount on the check. Which of these reasons cannot cause differences in the book and bank cash balances? a. Service charges b. Deposit in transit c. Outstanding checks d. Credit sales As part of the Customer Identification Program required at every bank, a signature card must be filled out and signed to open a checking account. The bank can use this card to verify the depositor’s signature
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  • Fall '18
  • Mehdi Kolahdouz
  • Accounting, Taxation in the United States, Federal Insurance Contributions Act tax

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